(PharmaNewsWire.Com, December 09, 2021 ) According to the new market research report "Vitamin D Therapy Market by Route of administration (Oral, Parenteral), Age Group (Children, Adult, Senior Adult), Purchase Pattern (OTC, Prescription), Application (Osteoporosis, Rickets, Autoimmune Disorder, Skin Diseases) - Global Forecast to 2024", published by MarketsandMarkets™, the Vitamin D Therapy Market is expected to grow from USD 1.9 billion in 2019 to USD 3.3 billion by 2024, at a CAGR of 11.6% during the forecast period.
The major factors driving the growth of this market include the growing awareness about vitamin D deficiency among consumers and the presence of a large target patient population worldwide.
“Oral route of administration expected to fuel the growth of the vitamin D therapy market over the forecast period.”
By route of administration, the market is segmented into oral and parenteral routes of administration. The oral route of administration is expected to register the largest share and highest CAGR during the forecast period. This can be attributed to the ease of administration, better pharmacokinetic and pharmacodynamic activity, reduced chance of toxicity, increased patient compliance, and higher preference for the oral route.
“Increasing use of vitamin D in osteoporosis to drive market growth during the forecast period.”
Based on application, the market is segmented into osteoporosis, rickets, skin diseases, muscle weakness, autoimmune disorders, and other applications. The osteoporosis segment is expected to register the highest growth during the forecast period. This growth can be attributed to the increasing incidence of falls and fractures in senior adults due to the elevated levels of parathyroid hormones and the poor absorption of calcium from their diets.
“The Asia Pacific to grow at the highest rate during the forecast period (2018–2023).”
The vitamin D therapy market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The Asia Pacific dominated the market in 2018 and is expected to register the highest CAGR during the forecast period. Growth in the APAC is largely driven by the increasing awareness about vitamin D deficiency and supportive government policies and programs for the implementation of vitamin D deficiency treatment plans, heavy air pollution, sedentary lifestyles, increasing incidence of vitamin D deficiency, atypical diets, decreasing sun exposure, and rising malnutrition levels.
Key Market Players
Some of the prominent players in the market are Abbott (US), Sanofi (France), GlaxoSmithKline plc (UK), Pfizer Inc. (US), Merck & Co., Inc. (US), Torrent Pharmaceuticals Ltd. (India), Novartis International AG (Switzerland), Alkem Laboratories (India), Sun Pharmaceutical Industries Ltd. (India), and Cadila Healthcare Ltd (India).
Abbott (US) is the largest player in the vitamin D therapy market. It has a strong foothold in the market. Abbott has a global distribution network and a good brand reputation among end users. The company’s strong presence and wide distribution channels across the globe have helped it to maintain its leading position in the market. In order to strengthen its position in the market, the company significantly invests in R&D activities. In 2018, the company invested USD 2.30 billion in R&D activities as compared to USD 2.26 billion in 2017.
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